上 市 公 司 证 券 研 究 报 告 汽车 2024 年 09 月 04 日 岱美股份 (603730) ——半年报符合预期，关注产品集成化趋势 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 04 日 | | 收盘价（元） | 9.12 | | 一年内最高/最低（元） | 18.69/8.18 | | 市净率 | 3.5 | | 息率（分红/股价） | 4.39 | | 流通 A 股市值（百万元） | 15,073 | | 上证指数/深证成指 | 2,784.28/8,226.24 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | 2.63 | | 每股净资产（元） | | | 资产负债率 % | 34.64 | | 总股本 /流通 A 股（百万） | ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **11.34 RMB** [2][5] Core Views - The company's performance met expectations, with H1 revenue reaching **3.285 billion RMB**, a **14.1% YoY increase**, and net profit attributable to shareholders of **420 million RMB**, a **24.0% YoY increase** [1] - Q2 revenue was **1.696 billion RMB**, up **12.5% YoY** and **6.7% QoQ**, while net profit attributable to shareholders was **225 million RMB**, up **21.7% YoY** and **15.3% QoQ** [1] - Gross margin remained stable at **28.0%** in H1, with a **0.3% QoQ improvement** in Q2 [1] - Operating cash flow improved significantly, with H1 net operating cash flow reaching **420 million RMB**, a **391.8% YoY increase** [1] - The company's traditional sunshade business maintains a leading position with a **41.9% global market share**, while the new headliner business is expected to drive long-term growth [1] - The Mexico factory showed strong profitability, with H1 revenue of **1.838 billion RMB**, up **7.3% YoY**, and net profit of **40.33 million RMB**, up **99.6% YoY** [1] Financial Forecasts - Revenue is expected to grow from **5.861 billion RMB in 2023** to **10.175 billion RMB in 2026**, with a **22.8% YoY growth in 2026** [4] - Net profit attributable to shareholders is forecasted to increase from **654 million RMB in 2023** to **1.358 billion RMB in 2026**, with a **22.6% YoY growth in 2026** [4] - Gross margin is projected to remain stable at around **28.0%-28.2%** from 2024 to 2026 [4] - ROE is expected to improve from **14.9% in 2023** to **23.4% in 2026** [4] Business Development - The company is expanding its product line from single interior parts to headliner systems, increasing per-vehicle value [1] - New projects in Mexico and Zhoushan are expected to add annual revenue of **2.109 billion RMB** and net profit of **288.825 million RMB** upon full production in 2025 [1] - The company has secured projects with major clients including Tesla, Rivian, GM, and Ford, indicating strong future growth potential [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing steady revenue and profit growth, driven by the expansion of its product categories and ongoing projects [2][4] - The company has established a global sales and service network, enhancing its customer resources and supporting its international market presence [3] - The company is expanding its interior product categories, increasing the value per vehicle, and capitalizing on the growth opportunities in the new energy vehicle sector [4] Financial Summary - Revenue is projected to grow from 5,861 million yuan in 2023 to 9,960 million yuan in 2026, with year-on-year growth rates of 14%, 19%, 20%, and 19% respectively [1] - Net profit is expected to increase from 654 million yuan in 2023 to 1,226 million yuan in 2026, with year-on-year growth rates of 15%, 29%, 21%, and 20% respectively [1] - Earnings per share are forecasted to rise from 0.40 yuan in 2023 to 0.74 yuan in 2026 [1] - The company maintains a stable return on equity (ROE) of around 16% to 18% over the forecast period [1][5]

| 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2024-051 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 上海岱美汽车内饰件股份有限公司 关于实际控制人权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次权益变动属于非交易变动，不触及要约收购，不会导致公司控股股 东、实际控制人发生变化，不涉及公司控制权变更。 本次权益变动后，姜明先生、鞠文静女士、姜明先生与鞠文静女士的子 女（以下简称"子女"）将持续共同遵守《中华人民共和国证券法》 《上市公司 股东减持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第 15 号 ——股东及董事、监事、高级管理人员减持股份》等相关规定中关于大股东信息 披露、减持额度、减持限制等的规定。 本次权益变动尚未完成股份非交易过户相关手续，敬请广大投资者理性 投资，注意风险。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于近日收到公司实 际控制人之一姜明先生的通知，获悉姜明 ...

上海岱美汽车内饰件股份有限公司 简式权益变动报告书 上市公司名称：上海岱美汽车内饰件股份有限公司 股票上市地点：上海证券交易所 股票简称：岱美股份 股票代码：603730 信息披露义务人：鞠文静 住所/通讯地址：上海市浦东新区****** 股份变动性质：股份增加 签署日期：二零二四年九月二日 1 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权 益变动报告书》及其他相关法律、法规及规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在上海岱美汽车内饰件股份有限公司拥有 权益的股份变动情况。截至本报告书签署之日，除本报告书披露的信息外，上述 信息披露义务人没有通过任何其他方式增加或减少其在上市公司拥有权益的股 份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授权其他任何人提 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 3.285 billion yuan in the first half of 2024, representing a year-on-year growth of 14.10%, and a net profit attributable to shareholders of 420 million yuan, up 24.02% year-on-year [2] - In Q2 2024, the company reported a revenue of 1.696 billion yuan, a year-on-year increase of 12.53% and a quarter-on-quarter increase of 6.70%, with a net profit of 225 million yuan, reflecting a year-on-year growth of 21.66% and a quarter-on-quarter growth of 15.32% [2] - The company is expanding its product categories along its core processes, which opens up long-term growth potential. The sunshade business has become a global leader with over 40% market share in 2022, and the company is now venturing into headrest and ceiling businesses, which are expected to contribute to revenue growth [2] Financial Forecasts - The company is projected to achieve net profits of 865 million yuan, 1.038 billion yuan, and 1.269 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.52 yuan, 0.63 yuan, and 0.77 yuan, and P/E ratios of 17.56, 14.63, and 11.97 [3]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥3,285,081,559.21, representing a 14.10% increase compared to ¥2,879,101,628.75 in the same period last year[13]. - Net profit attributable to shareholders was ¥420,144,550.66, up 24.02% from ¥338,777,337.11 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥422,591,568.24, reflecting a 14.81% increase from ¥368,087,953.94 year-on-year[13]. - The net cash flow from operating activities surged to ¥419,813,695.98, a significant increase of 391.81% compared to ¥85,360,411.89 in the same period last year[13]. - Basic earnings per share increased by 25.00% to CNY 0.25 compared to the same period last year[14]. - Diluted earnings per share also rose by 25.00% to CNY 0.25 year-on-year[14]. - The total profit for the same period was RMB 49,864.89 million, reflecting a growth of 22.07% compared to the previous year[31]. - The company's total comprehensive income for the first half of 2024 was CNY 391,890,445.06, compared to CNY 365,225,380.31 in the same period of 2023, showing an increase of 7.3%[94]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,734,024,131.64, down 2.76% from ¥6,925,186,608.83 at the end of the previous year[13]. - The net assets attributable to shareholders decreased by 2.58% to ¥4,401,516,962.15 from ¥4,518,151,380.26 at the end of the previous year[13]. - The total assets decreased to CNY 4,382,325,761.04 as of June 30, 2024, from CNY 5,422,554,071.37 at the end of 2023, representing a decline of 19.19%[90]. - The total liabilities decreased to CNY 1,502,445,082.98 in the first half of 2024, down from CNY 2,457,675,536.87 at the end of 2023, indicating a reduction of 38.86%[91]. - The company's total liabilities decreased from RMB 1.35 billion in 2023 to RMB 1.21 billion in 2024, reflecting a reduction of about 17.7%[88]. Cash Flow - The company reported a cash flow from operating activities of approximately ¥419.81 million, a substantial increase from ¥85.36 million in the first half of 2023[98]. - The net cash flow from operating activities for the first half of 2024 was -151,613,412.18 RMB, a significant decline compared to a positive cash flow of 36,728,155.70 RMB in the same period of 2023[100]. - Total cash inflow from investment activities was 400,821,095.89 RMB, while cash outflow was 112,253,598.87 RMB, resulting in a net cash flow from investment activities of 288,567,497.02 RMB[101]. - Cash inflow from financing activities amounted to 470,000,000.00 RMB, with cash outflow totaling 1,055,743,424.77 RMB, leading to a net cash flow from financing activities of -585,743,424.77 RMB[101]. Research and Development - The company operates in the automotive interior parts sector, with major products including roof systems and seat systems, serving clients like Tesla, BMW, and Ford[16]. - The company follows a market-oriented R&D model, ensuring product development aligns with market demands[17]. - The company has invested in advanced testing laboratories and equipment, ensuring product quality through comprehensive inspection processes[26]. - Research and development expenses amounted to CNY 102,092,581.82, slightly down from CNY 108,260,755.68, indicating a focus on cost management[93]. Market and Industry Trends - In the first half of 2024, domestic automobile production and sales reached 13.89 million and 14.04 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[22]. - The production and sales of new energy vehicles in the same period were 4.93 million and 4.94 million units, with year-on-year growth of 30.1% and 32%, achieving a market share of 35.2%[23]. - Global light vehicle sales increased by approximately 2.3% year-on-year in the first half of 2024, with Europe seeing an 8.6% increase and the US a 2.4% increase[22]. - The domestic automotive industry is experiencing stable growth, driven by policies promoting consumption and the increasing penetration of new energy vehicles[22]. Risks and Challenges - The company has outlined potential risks in the report, which investors should be aware of[2]. - The company faces risks from cyclical fluctuations in the automotive industry, which can impact production and sales due to macroeconomic conditions[41]. - The company is exposed to risks from price fluctuations of key raw materials, which significantly affect production costs[43]. - The customer base is concentrated among major global automotive manufacturers, which poses risks if demand decreases or customers switch suppliers[44]. - The company emphasizes product quality and faces potential liability risks if defects lead to recalls[45]. Shareholder and Governance - The company has not disclosed any plans for profit distribution or capital reserve conversion during this reporting period[2]. - The company has committed that shareholders, directors, and senior management will not transfer more than 25% of their total shares held during their tenure[54]. - The company has established a commitment to avoid any competition with its subsidiaries, ensuring no investments in similar businesses[55]. - The company’s controlling shareholders will not interfere with the management activities of the company, ensuring the integrity of operations[57]. Convertible Bonds and Capital Structure - The company raised a total of 90,793.90 million RMB from the issuance of convertible bonds, with a net amount of 89,698.98 million RMB after deducting issuance costs[67]. - The company issued 9,079,390 convertible bonds with a total value of RMB 907.939 million, maturing in 6 years and with a coupon rate starting at 0.30%[78]. - The convertible bond "Daimai Convertible Bond" adjusted its conversion price from RMB 15.72 per share to RMB 13.31 per share on March 19, 2024, and further adjusted to RMB 9.93 per share on June 3, 2024[82][84]. Compliance and Accounting - The financial statements have been prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[115]. - The company’s accounting period runs from January 1 to December 31 each year, with a 12-month operating cycle[119][120]. - The company recognizes revenue when control of goods or services is transferred to customers, indicating fulfillment of performance obligations[187].

上海岱美汽车内饰件股份有限公司 2024年1-6月 关于公司募集资金存放与使用情况的专项报告 上海岱美汽车内饰件股份有限公司 2024年1-6月募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，本公司就 2024 年 1-6 月募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 1、 实际募集资金金额、资金到位情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意上海岱 美汽车内饰件股份有限公司向不特定对象发行可转换公司债券注册的批复》 （证监许可[2023]1273 号）核准，获准向不特定对象发行可转换公司债券，每 张面值为人民币 100 元，发行数量 907.939 万张，发行价格为每张人民币 100 元，募集资金总额为人民币 907,939,000.00 元，扣除承销商发行费用不含税人 民币 9,079,39 ...

上海岱美汽车内饰件股份有限公司 章程 二〇二四年八月 | 第一章 | 总 | 则 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 2 | | 第三章 | | 股份 3 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 4 | | 第三节 | | 股份转让 5 | | 第四章 | | 股东和股东大会 6 | | 第一节 | | 股东 6 | | 第二节 | | 股东大会的一般规定 7 | | 第三节 | | 股东大会的召集 9 | | 第四节 | | 股东大会的提案与通知 10 | | 第五节 | | 股东大会的召开 11 | | 第六节 | | 股东大会的表决和决议 13 | | 第五章 | | 董事会 16 | | 第一节 | | 董事 16 | | 第二节 | | 董事会 18 | | 第六章 | | 总裁及其他高级管理人员 21 | | 第七章 | | 监事会 23 | | 第一节 | | 监事 23 | | 第二节 | | 监事会 23 | | 第八章 | | 财务会计制度、利润分配和审计 24 | | 第一节 | | 财务会计制度 24 ...